Saudi leads Gulf bourses higher; Abu Dhabi eases | Reuters
Saudi Arabia's stock market led Gulf bourses higher in early trade on Wednesday, in line with Asian shares and oil prices, although the Abu Dhabi index bucked the trend and inched down.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.35%, despite global growth concerns and weak U.S. economic data weighed on Wall Street overnight.
Saudi Arabia's benchmark index (.TASI) advanced 1.6%, with Al Rajhi Bank (1120.SE) and oil behemoth Saudi Aramco (2222.SE) rising 2.5% and 2%, respectively.
The kingdom's oil exports in March rose by 62.9 billion riyals ($16.77 billion), up 123%, while non-oil exports increased by over 25%.
Dubai's main share index (.DFMGI) gained 0.8%, driven by a 1.5% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 1.6% increase in top lender Emirates NBD (ENBD.DU).
The Qatari index (.QSI) added 0.1%, helped by a 2.2% leap in Qatar National Bank (QNBK.QA), the Gulf's biggest lender.
Oil prices, a key catalyst for the Gulf's financial market, rose buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world's biggest crude consumer.
Bucking the trend, the Abu Dhabi index (.FTFADGI) eased 0.1%, hit by a 0.6% fall in conglomerate International Holding Co (IHC.AD).
The United Arab Emirates announced on Tuesday the first case of monkeypox detected in the country, state news agency WAM reported, citing the health ministry. read more
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